Art F City and the New York Studio Residency Program (NYSRP) present Taxes for Artists, a talk by accountant and artist Hannah Cole. Cole is a tax expert who specializes in working with creative businesses and artists. A long-time working artist with a high-level exhibition history, Hannah has a unique vantage point for understanding the financial challenges of freelancers and small creative businesses. During this 90-minute workshop, she will discusses:
1. The self-employment tax system as it applies to freelancers, including how to determine estimated quarterly tax payments and how to make them + adjust them. Provides a deep understanding of the Schedule C.
2. The importance of sound business practices for all creative workers. IRS rules surrounding hobby losses and how to defend against this determination by proving the “profit motive” of one’s arts practice. Addresses audit procedure and defense for artists. Tips on good record-keeping and business habits.
The lecture will be followed by a Q&A and is free and open to the public.
BIO: Hannah Cole is the founder of Sunlight Tax and an Enrolled Agent with the IRS. Current and former clients include MassMoCA’s Assets for Artists, Arts and Business Council of Boston, Boston University, Massachusetts College of Art, New Hampshire Institute of Art, Hamiltonian Artists, Washington DC, Tiger Strikes Asteroid, New York.